French and German leaders are calling for a tax on financial transactions to raise more revenues as they respond to the euro debt crisis.
Speaking at a joint news conference, German chancellor Angela Merkel and French president Nicolas Sarkozy also urged much closer economic and fiscal policy in the eurozone. They want a new collective economic 'government' for the eurozone consisting of heads of state or government that would meet at least twice a year. This would be chaired by Herman van Rompuy, the current president of the European Council. Eurozone countries would also have to put limits on their budget deficits in their constitutions by summer 2012. Merkel said eurobonds are not the answer to the debt crisis ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
